Southern Nevada is ringing in the New Year with steady home prices, indicating the return of a fairly healthy housing market. In January, the median price of an existing single-family home was $185,000 according to GLVAR. This was up from $150,000 (23.3 percent) in January of the previous year.
The local market is also seeing traditional sales increases while backing away from that of distressed sales. In 2012, 37 percent of all home sales were traditional. This figure marked up to 62 percent in all of 2013. Investor activity indicated by cash sales showed a slight decrease from its 59.5 percent peak in February 2013 to a more stable 46.3 percent in January 2014.
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Photo: JEFF SCHEID